Rajesh Exports surges as co buys Valcambi for $400 mn

MUMBAI: Shares of Rajesh Exports Ltd gained 3.95 per cent in intraday trade on Monday after the company said said that it had bought Valcambi, the world's largest gold refining company, in an all-cash deal worth $400 million.

The stock ended the 2.09 per cent higher or Rs 11.05 at Rs 540.10.

The company was selected after a global search by Valcambi's existing owners led by Newmont Mining Corp, the world's largest gold jewellery maker said.

The deal will help it secure raw material supplies and will add to earnings per share, the company said.

India is the world's biggest consumer of gold, with annual demand hovering around 900 tonnes per year.

(With inputs from Reuters)